Bitcoin Exchange Net Outflows Hit Five-Week High as $80,000 Support Comes Into Focus
Summary
- Santiment said Bitcoin exchange net outflows recently totaled 14,900 BTC, marking the largest daily net outflow in five weeks.
- Santiment identified $80,000 as a key support level for Bitcoin and said the cryptocurrency could rebound to $82,500-$84,000 if it holds above $80,000 and exchange balances continue to decline.
- Santiment added that if Bitcoin falls below $79,000, the bullish outlook could weaken, and investors should also watch whether it regains $82,500 after the Federal Reserve's interest-rate decision and the release of major economic indicators including gross domestic product (GDP) and the personal consumption expenditures (PCE) price index.
Forecast Trend Report by Period
Bitcoin recorded its largest daily net outflow from exchanges in five weeks, with focus turning to whether the cryptocurrency can hold support at $80,000 ahead of major U.S. macroeconomic data releases.
Blockchain analytics platform Santiment said on October 27 that Bitcoin's net exchange outflows recently totaled 14,900 BTC, the largest daily net outflow in the past five weeks.
Net outflows exceeding inflows suggest there is relatively less positioning for immediate selling, Santiment said.
Santiment also identified $80,000 as a key support level for Bitcoin. If the cryptocurrency holds above $80,000 and exchange balances continue to decline, it could rebound to $82,500 to $84,000.
A drop below $79,000, however, could weaken the bullish outlook. Santiment added that investors should also watch whether Bitcoin reclaims $82,500 after the Federal Reserve's interest-rate decision and the release of major economic indicators including gross domestic product and the personal consumption expenditures price index.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.